LONDON and LANGLEY, England, May 7, 2020
LONDON and LANGLEY, England, May 7, 2020 /PRNewswire/ -- eNett International (Jersey) Limited, Travelport Limited and Optal Limited issued the following statement today responding to WEX's statement that eNett and Optal have suffered a Material Adverse Effect in their businesses due to the COVID-19 pandemic. eNett, Travelport and Optal reject WEX's attempt to walk away from its binding agreement.
The Purchase Agreement, which was executed on January 24, 2020, after COVID-19 had already publicly begun its spread across the globe, expressly excludes the effects of a pandemic from the definition of Material Adverse Effect. In addition, the definition of Material Adverse Effect also excludes the effects of any changes in laws or regulations, such as governmental travel restrictions. WEX therefore assumed all of these risks when it signed the Purchase Agreement.
eNett, Travelport and Optal intend to vigorously enforce their contractual rights and to hold WEX to its promises under the Purchase Agreement. eNett, Travelport and Optal expect WEX to perform its contractual obligations, including to finalize its financing, obtain the remaining governmental approvals, and close the transaction.
eNett and Optal remain dedicated to maintaining the same high standard of service their customers have come to expect of them.